COMMUNITY FIRST BANKSHARES TO ACQUIRE INSURANCE AGENCY
COMMUNITY FIRST BANKSHARES TO ACQUIRE INSURANCE AGENCY FARGO, N.D., Nov. 29 -- Community First Bankshares, Inc.
(NASDAQ:CFBX) today announced that it and one of its subsidiary banks have agreed to acquire the business of privately owned Community Insurance, Inc. (CII), in a two-phase transaction.
Terms of the acquisition were not disclosed. CII, which operates insurance agencies in communities served by 16 of the company's banks, has commission income of approximately $2.1 million on $16 million in premium volume. Today, Community First State Bank of Vermillion, S.D., acquired Community First Insurance Agencies, Inc., a subsidiary of CII which operates insurance agencies in the company's banks in Vermillion, Little Falls, Minn., and Wahpeton, N.D. In the second part of the transaction, Community First Bankshares, Inc., will acquire the remaining operations of CII. That acquisition is subject to Federal Reserve approval and is expected to occur in the first quarter of 1992. "This acquisition will enable us to improve customer service by extending the availability of insurance products into more of our banks," Donald R. Mengedoth, president and chief executive officer of Community First Bankshares, said. "We expect that the insurance operations will make a positive contribution to our net income in 1992 and beyond." Community First Bankshares, Inc., which has 19 banking offices in Minnesota and South Dakota, today completed its merger with an affiliated company, Community First North Dakota Bankshares, Inc., which has four banking offices in North Dakota. The acquisition of two additional banks is pending. -0- 11/29/91 /Contact - Curt Swenson of Swenson Falker Eilertsen Inc., 612-371-0000 or 612-938-3216, for Community First Bankshares; or Don Mengedoth of Community First Bankshares, Inc., 701-235-1600/ (CFBX) CO: Community First Bankshares, Inc. ST: North Dakota IN: FIN SU: TNM
AL -- MN001 -- 8103 11/29/91 16:00 EST
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|Date:||Nov 29, 1991|
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